Guide on BDO Auto Loan Loanable Amounts 2023 — A Guide for Clients
BDO AUTO LOAN LOANABLE AMOUNTS 2023 – Are you wondering how much you may borrow under the car loan offer of BDO Unibank?
Are you looking for a bank where you may apply for an auto loan? In the Philippines, one of the entities that you may turn to for the said offer is BDO Unibank. It is one of the biggest, most popular, and most trusted banks in the country.
The BDO Auto Loan offer is open for locally-employed and self-employed individuals as well as overseas Filipino workers (OFWs). The said loan offer caters several purposes for loan application which you can check below.
The BDO Auto Loan offer is open for purposes that involve both brand new and pre-owned vehicles. You may apply for it for any of the following purposes:
- Purchase of Brand-New Cars including Electric and Hybrid Electric models
- Reimbursement of Brand-New Car Purchase
- Vehicle must not be more than one (1) month old from delivery date of dealer to the owner and with a mileage of less than 2,500 kilometers
- Purchase of Pre-owned Cars
- Year model must not exceed six (6) years upon loan maturity
With regards to the BDO Auto Loan loanable amounts 2023, the amounts actually vary. There are factors that the bank considers including whethere the car is brand new or pre-owned and whether the vehicle will be used for personal or business use.
Meanwhile, although the exact range of the BDO Auto Loan loanable amounts 2023 were not stated, the bank posted that the minimum loan term amount is P100,000.00.
With regards to the qualifications in applying for the BDO loan offer, it depends if you are locally employed, self-employed, or an OFW. Here are eligibility criteria set by the bank:
For Locally-Employed Applicants:
- At least 21 years old but not exceeding 70 years old at the end of the loan term
- Filipino citizen or foreign nationals
- Minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- at least 2 years with current company
For Self-Employed Applicants:
- At least 21 years old but not exceeding 70 years old at the end of the loan term
- Filipino citizen or foreign nationals
- Minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- at least 2 consecutive profitable years of operation
For Overseas Filipino Workers (OFWs):
- At least 21 years old but not exceeding 70 years old at the end of the loan term
- Filipino citizen or foreign nationals
- Minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- 2-3 years consecutive employment. Assignment of Beneficiary as Loan Administrator if not in the Philippines at the time of application
Aside from the eligibility requirements, there are also documentary requirements for BDO Auto Loan application. With regards to loan applicants from abroad, the following documents must be provided and submitted to the bank:
- Proof of Remittance for the last 3 months
- Latest Crew Contract (if sea based)
- Consularized Certificate of Employment with Income(COEI) or latest three (3) months payslip.